A carbonaceous cement is composed of an admixture of a carbonaceous material and a thermosetting resin and is conventionally used to bond carbon and graphite structures at elevated temperature. Typically the cement will not set below about 100.degree. C. and will cure and develop a full bond strength at a higher temperature. A carbonaceous cement is currently available from the UCAR Carbon Company, designated as C34 with a composition which is fully described in U.S. Pat. No. 3,441,529. This cement requires heat treatment to 150-200.degree. C. to achieve setting and full curing and to develop a useful flexural strength of about 2000 psi. The strength is retained on subsequent baking to 850.degree. C. The heat treatment requirement for the C-34 cement presents a substantial practical limitation for use at construction sites where appropriate equipment to heat cemented structures is generally not available. A room temperature setting cement described in Light Metals p. 759 (1991) is also commercially available and currently used by the aluminum industry for cementing collector bars onto cathodes in the production of aluminum. However this cement, which is a three component system, achieves a strength of only about 304 psi after curing and loses most of its strength after baking to 900.degree. C. This cement contains an epoxy resin as the thermosetting liquid, a separate catalyst and a carbon solid. Epoxy resins are known to have limited thermal stability and to give very low carbon yields on baking. It is for this reason that this commercial cement retains very little strength at high baking temperatures. For more general application it is very desirable to have a cement which can set at room temperature and provide adequate strength to permit physical handling without suffering loss in strength after curing and baking. For this purpose it is desirable for the cement to contain a thermosetting resin which can provide a high carbon yield after curing and baking. The minimum strength deemed necessary to satisfy this requirement is an average strength of at least about 500 psi and preferably above 1000 psi. The three component carbonaceous cement which is presently available commercially will set at room temperature but does not provide the minimum strength required at room temperature for more general applications or the ability to retain the minimum strength after curing and baking. It is important in many industrial operations that the cement have a high oxidation resistance at elevated temperatures.